More Eurozone erosion?

Any attempts of an upward move this week were well and truly thwarted yesterday as the PA tail spinned only moments after reaching the 1.28770 level. Seemed like even the resulting  positive European  trade balance  figure of 6.10B was insufficient as this was severely overshadowed by the swift downgrading of France, Italy,  Spain,  Cyprus and Portugal with the latter receiving a BB near junk rating by Standard and Poor's, this of which is concisely covered by yesterday's BBC world news report on the incident.